Research on Made Tech Group PLC (MTEC:LON)  from H2 Radnor

Made Tech has announced its first acquisition, completing the purchase of CX Feedback, a Glasgow-based housing technology provider, for an initial consideration of £3m. We think this is an attractive deal, especially as it adds scale to the Group’s existing social housing business, provides a first base in Scotland, and the valuation is compelling at 6x historic PBT vs the 17x which Made Tech trades on. The statement says that the acquisition is “expected to be earnings-enhancing on an adjusted earnings basis in the financial year ending 31 May 2027”. Made Tech normally issues an H1 trading update in December so we will review our estimates then.

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